(50 ILCS 460/5)Sec. 5. Finding. The General Assembly finds that: (a) there have been
many important changes in the
financial markets and practices with respect to the issuance of
obligations to provide funds for the payment of local
improvements to be paid from the imposition of special
assessments; (b) various provisions of Illinois law relating to
the making of local improvements and the provision for payment of
same through the imposition of special assessments according to
benefits are now outdated; (c) these outdated provisions result
in additional costs for the citizens of the State of Illinois who
are property owners and subject to the payment of such special
assessments; (d) the General Assembly deems it advisable and in
the best interest of such property owners to provide supplemental
authority regarding the procedures for the making of local
improvements and the payment for same by special assessment and
the issuance and sale of obligations payable from such special
assessments in order to accommodate current and anticipated
financial markets and practices and the provisions of current
federal income tax law.(Source: P.A. 90-480, eff. 8-17-97.)